The US all-milk price marginally increased in May, according to USDA’s latest Ag Prices report. The May all-milk price of USUS$0.62/l was the highest on record in nominal terms and 42.9% higher in YOY terms.

Average MPP farmgate margins rose by 0.9% between April and May, reflecting a 3.2% increase in Class III prices which more than offset higher corn (+2.5%) and alfalfa hay (+0.4) input costs in addition to a 1.3% fall in Class IV prices. Soybean meal input costs fell 3.6% from the same month last year.